Cramer: One IPO that proves Silicon Valley unicorns have value

Stocks have been pulled down by the gravitational pull of a Brexit, but Jim Cramer found one bright spot in the market that managed to defy the pull of the averages and roar higher on Monday.

Twilio is the cloud-based developer of communications software that went public last Thursday at $15 a share. In a single session it managed to skyrocket to $28, a 91 percent gain.

"Twilio's huge first-day move suggests that some of these Silicon Valley unicorns are real businesses with real value, not just mythical creatures with absurd valuations, and the market may be willing to pay up for growth again," the "Mad Money " host said.

Twilio's customers include customers such as Uber, Nordstrom and Facebook's WhatsApp, as the company aims to be the toolkit for software developers around the world. It uses the cloud to create platforms that help developers build, expand and operate in real-time communication, and make it easy for them to embed voice messaging, voice authentication and video capabilities into their apps.

Twilio Inc. founder and CEO Jeff Lawson (C, in glasses) reacts after ringing the opening bell to celebrate Twilio's initial public offering, at the New York Stock Exchange, June 23, 2016 in New York City.

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Essentially, it's a one-stop-shop for developers to add communication features to apps. Twilio estimated that its platform could be worth over $45 billion next year. It posted 78 percent revenue growth in 2014, followed by 87 percent revenue growth in 2015, and 77.8 percent in the most recent quarter.

Meanwhile, Twilio is growing but the company is still losing money because it reinvests all cash into the business. Cramer described its balance sheet as "pristine" with no debt, and more than $200 million in cash.

However, there are also some risks. Not only is there the lack of profitability, but it also caters to a relatively new and unproven market. Most worrisome to Cramer was the customer concentration issue, as Twilio gets 15 percent of its revenue just from Facebook's WhatsApp. So if Facebook decided to walk away one day, it would take a chunk out of the revenue.

"I like the story and I like the stock, although I'd like it even more at a lower level," Cramer said.

With this in mind, Cramer recommended investors to buy a portion of their position at current levels just in case the stock continues to skyrocket, and then wait for the stock to be dragged down by the next pullback before buying more.